The current uncertainties in the oil market, especially about how many Iranian barrels will be lost to US sanctions, will persist for at least another month until the market gets some clarity on the Iran sanctions, Novak noted.
Oil markets are looking to OPEC and Russian Federation to make up shortfalls in supply.
"The rally looks to be a combination of supply tightening from Iran sanctions and an improved demand outlook following the easing of trade sanctions", said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen.
The drop in Korea's imports of Iranian crude oil is expected to increase the cost burden of Korean oil refineries as Iranian crude is relatively cheaper compared with crude oil from other countries.
U.S. West Texas Intermediate (WTI) crude futures were down 10 cents at $75.13 a barrel. Mr. Trump and King Salman last shared a reported telephone call on Saturday, in which they discussed "efforts to maintain supplies to ensure the stability of the oil market and ensure the growth of the global economy", according to the state-run Saudi Press Agency.
The oil supply shortage in the Mediterranean market, which will emerge once the USA sanctions targeting Iranian oil come into force on November 4, is predicted to direct the market toward Russian Ural oil, a case that will eventually lead to intensified sea traffic in Istanbul and the Çanakkale Straits. The contract was up 2.2 percent this week. Total volume traded was about 41 percent below the 100-day average.
Brent for December settlement was little changed at $84.50 on the London-based ICE Futures Europe exchange. Trump in July tweeted without evidence that Saudi Arabia would increase its production "maybe up to 2,000,000 barrels" a day. Saudi Arabia is one of the few countries with the ability to significantly raise output.
Japan's crude oil imports from Iran jumped 65% year on year in August, marking the fourth consecutive month of increase, according to the latest METI data.
US exports to all Asian countries fell 73,000 bpd to 427,000 bpd last week, while USA shipments to Europe dropped 102,000 bpd to 543,000 bpd, Kpler data showed.
Due to effect delivery and payment processes, the effects of the sanctions to be imposed on Iran started to impact the market on September 20, according to information compiled from the Iranian Embargo-Turkish Straits report prepared by the Bilkent University Energy Policy Research Center (EPRC).